Ferrous Sulfate Market Hits Goldmine as Ferrous Salts Gain Popularity to Treat Anemia
The ferrous sulfate market is expected to witness steady growth in the upcoming years, owing to the soaring demand from a host of applications. Ferrous sulfate is increasingly being used in pharmaceuticals, water treatment systems, and the construction industry. The significant rise in the number of construction activities, especially in developing regions is likely to propel the demand for ferrous sulfate in upcoming years. In addition, as focus on industrialization and urbanization continues to gain notable pace across the Asia Pacific and the Middle East & Africa, the demand for ferrous sulfate, which is primarily used as a reduction agent is on the rise – providing an impetus for growth of the ferrous sulfate market during the forecast period.
Over the past couple of decades, iron deficiency has emerged as a glaring global health problem due to which, the demand for iron supplements such as ferrous sulfate in the form of capsules, tablets, etc., is increasing. The soaring demand for ferrous sulfate to formulate medication to treat anemia is another factor that is expected to boost the market for ferrous sulfate during the forecast period. At the back of these factors coupled with widening applications of ferrous sulfate, the global ferrous sulfate market is expected to attain a market value of ~US$ 4 Bn by the end of 2027.
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Consistent Demand from Pharmaceutical Sector to Aid Market Growth
The unprecedented rise in the prevalence of iron deficiency around the world has compelled pharmaceutical companies to fast track the development of iron supplements, including ferrous sulfate. Although a host of treatment alternatives are available to address iron deficiency such as intravenous (IV) iron/blood transfusion, oral iron supplements are increasingly becoming popular due to an array of factors, including easier accessibility, low costs, and ease of administration. The demand for iron salts is on the rise, owing to the desired absorption capacity and low morbidity. Although iron supplements are likely to cause side effects and problems in the gastrointestinal tract, research and development activities are predominantly focusing on preventing side effects and increasing the efficacy of iron supplements. The consistent rise in the demand for iron supplements is a major factor that is projected to boost the growth of the global ferrous sulfate market during the forecast period.
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Focus on Improving Water Quality Triggers Demand for Ferrous Sulfate
Over the past couple of decades, governments of developing regions of the Asia Pacific and Europe are increasingly investing resources to improve the quality of water. Technological advancements and research activities are paving the way for effective and reliable chemical treatment systems particularly for municipal wastewater treatment wherein lime and copper cementation effluents are used as coagulants. The growing evidence drawn from research activities continues to pinpoint the benefits of using ferrous sulfate to treat sanitary as well as industrial wastewater. Ferrous sulfate monohydrate has gained a considerable amount of popularity over the past few years and is increasingly being used in a host of applications, including blood removal, sledge dewatering, metals precipitation, and phosphorous removal & color reduction. While the demand for ferrous sulfate for wastewater treatment is on the rise, the adoption rate of the same from the agriculture industry as a vitamin supplement is ascending at a rapid pace. Ferrous sulfate provides a balance to the iron content of the soil due to which, it is increasingly being used in the agriculture sector across the world. Ferrous sulfate is also used to manufacture granular fertilizers. These factors, along with continual research are expected to accelerate the ferrous sulfate market in the upcoming months.
Disruptions in Supply Chain Due to COVID-19 to Hinder Market Growth
The onset of the novel COVID-19 pandemic is expected to hinder the growth of the ferrous sulfate market particularly in 2020 with a likelihood of affecting operations in the first half of 2021. Participants operating in the value chain of the ferrous sulfate market are projected to introspect their business models and turn to business contingency and continuity strategies. While suppliers are anticipated to address a host of challenges, including government lockdowns and logistics restrictions, the demand for ferrous sulfate is estimated to decline in 2020. However, the demand for ferrous sulfate, particularly for wastewater treatment is expected to grow at an impressive pace post the pandemic– an opportunity for players to gain ground.
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Analysts’ Viewpoint
The global ferrous sulfate market is expected to grow at a modest CAGR of ~3% during the forecast period. The market growth can be attributed to the soaring demand for ferrous sulfate for use in a host of applications, including wastewater treatment and development of granular fertilizers, as iron supplements to address anemia. While the construction industry is anticipated to provide lucrative opportunities to the players involved in the current market landscape, the demand for ferrous sulfate to manufacture dyes and pigments is also experiencing consistent growth. Amidst the COVID-19 pandemic, market players should focus on production and business continuity strategies after the pandemic subsides.
Ferrous Sulfate Market – Scope of the Report
A new study on the global ferrous sulfate market published by Transparency Market Research (TMR) presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as structure of the global ferrous sulfate market. TMR’s study offers valuable information on the global ferrous sulfate market to illustrate how growth would discern during the forecast period of 2019–2027.
Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global ferrous sulfate market during the forecast period.
An extensive analysis of leading market players’ business strategies is also featured in TMR’s study on the global ferrous sulfate market. This can help readers understand principal factors to foresee growth of the global ferrous sulfate market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global ferrous sulfate market, which would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study on Ferrous Sulfate Market
- What would be the Y-o-Y growth rate of the global ferrous sulfate market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global ferrous sulfate market?
- Would Asia Pacific continue to remain the most profitable region for manufacturers of ferrous sulfate in the near future?
- Which factors would impede the growth of the global ferrous sulfate market during the forecast period?
- Which are the leading companies of the global ferrous sulfate market?
Research Methodology
A unique research methodology is utilized by TMR to conduct comprehensive research on the global ferrous sulfate market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary resources referred to by analysts during the production of the report on the global ferrous sulfate market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the global ferrous sulfate market as a primary resource.
These primary and secondary resources provided exclusive information during interviews, which served as a validation from leading players operating in the global ferrous sulfate market. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global ferrous sulfate market with accuracy. The study also uses a top-down approach to assess numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects of the global ferrous sulfate market more reliable and accurate.